A Mortgage Credit Score?
FICO scoring seems to be adding a new dimension for those getting mortgages! Hidden in some newscasts was an announcement that there would be a new way to “score” people – called the BEACON® Mortgage Score.
An article appeared in Credit.com in Mid March in which it was noted that Equifax would make this new mortgage score available in April 2009. There was another article referring to this new scoring method in Housingwire.com. We will need to keep an eye on this and see what makes for a strong mortgage credit score. It appears that the number of simultaneous mortgages you have will affect your score. Our question is what is considered a “simultaneous mortgage”? Will an equity line in addition to a primary mortgage be considered as such? Stay tuned as we watch the news and do more research to find out more information on this new numbers phenomenon.